Survey: Average Malaysian Salaries To Go Up By 5.1% In 2024
But this figure still lags behind the Asian average of 5.2%.
By Dale John Wong — 21 Nov 2023, 11:40 AM
Average salary figures in Malaysia are set to increase by 5.1% in 2024, according to a survey conducted by Mercer Malaysia
According to FMT, the survey was conducted between April and June of 2023, incorporating data from 668 Malaysia-based multinational companies (MNCs) spanning 15 different industries.
While the data from Mercer's Total Remuneration Survey 2023, released on 20 November 2023, is positive, it indicates that Malaysia's projected salary growth slightly lags behind the Asian average increase of 5.2% for the upcoming year.
Compared with the rest of the region, Malaysia's estimated increase sits somewhere in the middle
To illustrate the point, India, Vietnam, and Indonesia are set to enjoy the highest median salary hikes next year, with India projecting a 9.3% increase, followed by Vietnam at 7%, and Indonesia at 6.5%, respectively.
Conversely, Japan (2.6% increase), Taiwan (3.8% increase), and Hong Kong (3.9% increase) are set to be the Asian countries with the lowest projected median salary increases for 2024.
Other countries covered in the survey included the likes of China (5.2% increase), Singapore (4.2% increase), the Philippines ( 5.7% increase), Thailand (4.7% increase), and South Korea (4.4% increase).
For Malaysia, next year's projected hike is consistent with recent trends as workers received an average increase of 4.8% in 2022, followed by a 5% average increase in 2023
In 2023, it was the energy, high-tech, and consumer goods/manufacturing industries that led the way with regard to salary increases. The energy industry showed a 6.5% median salary growth, followed by high-tech at 6.1% and consumer goods/manufacturing at 5%.
"The country's gross domestic product (GDP) and individual sectors have largely rebounded to pre-pandemic levels, and multiple economic indicators point towards further growth in the coming year," said Koay Gim Soon, Market Leader at Mercer Malaysia.
"In fact, over half of the survey participants expressed their intention to increase payroll budgets for both 2023 and 2024, which is an encouraging sign for companies and employees alike," he added.
